The citizens of all indebted countries should reject Austerity and odious Public Debts
Summary of the reasons for above:
1) All public debts that have been accumulated on behalf of respective countries’ citizenry without their knowledge and/or consent, are odious debts. The transaction of borrowing/lending and the consequent public they generate, are illegal, due the fact that the borrowed funds are not used to service economic growth in given country. These Loans are embezzled: channeled to private accounts of government officials and/or are channeled back to creditor banks [1, 2]. In the case of Greece, government Loans were “agreed upon” via continuous coercion, blackmail, threats by Troika via all forms of violation of international law. 
2) The way Loans are issued in extant global monetary system – including the Loans given to Governments – is illegal as well; the “creditors” who make Loans do so by mere accounting entries on bank servers increasing the borrower’s account by the respective “loaned” £ / € / $ billions. To make these Loans appear legitimate, the “creditor” banks, and their agents acting as supranational state (Troika: EC, IMF, ECB), falsely claim that these funds are withdrawn from existing stakeholders/taxpayers. [3, 4, 5, 6]
3) The neoliberal austerity economic policy attached with government Loans as mandatory package-deal requirement: Privatisations, Cuts and Austerity – as proven by both theory  and practice [8, 9] – worsens the Crisis, exponentially shrinks economy  and includes massive-scale transfer of public property into private hands. All these are illegal acts with effects equivalent with those of overt forms of genocide [8, 9] and war  Troika’s consistent aim to eliminate pensions – as they did now in Greece – signifies a clearly fascist goal of cutting the older generations, which falls into the category of eugenics, the central goal used to be pursued by the Nazi powers during the 2nd World War.
4) Countries indebted to foreign “creditors”, with resources, strategic services, lands, companies, and all values sold out to foreign ownership, are effectively losing their sovereign status, which violates international law and the constitutional rights of the citizenry of respective countries. 
Update July 13, 2015:
On that day the Government of Greece was forced to sign an “agreement” with Troika that further increases the odious debt on behalf of the citizens of Greece and effectively gives away whole of Greece as collateral, in case the Government will default on the Loan, which default – due to the amount of accumulated public debt and the required recession-generating Austerity policies – is inevitable. Thus the deal reached in fact capitulation, whereby Greece as a country is annexed by private Banks as collateral of the very fraudulent transactions that impoverish the economy of Greece. As a result of the deal the country of Greece lost its sovereign status and the people of Greece are without their own homeland to live, quite analogously with the people of Palestine.
Contrary to popular beliefs, the Syriza government did have a better option than the worst: it could have chosen the route to exit EU and Eurozone, to reject repayment of odious debt, to let the foreign banks “fail” and return to national currency, to nationalising its central bank and start public banking. In contrast, it has been the EU-officials who were in a jammed position. The Eurocrats did work long and hard (see related post) to draw under their secretly created and centralised supranational state as many countries as possible, apparently with the aim of keeping all countries subjected to Troika’s odious debt, crisis, austerity scheme.
Another widespread myth should be refuted in this context. In fact Greece would not be the first country to reject odious public debt. A recent precedence was established by Ecuador , then Iceland made history behind the scenes when rejected odious public debt and chose to “bail out” its own citizens instead of Banks . Both historically relevant stories have been deeply buried by the establishment-bribed mass-media. Obviously.
Contrary to another popular myth spread my mainstream media, odious debt is not a Greece-specific problem.
The exact same fraud has been deployed in the long process of impoverishing and occupy the countries of Africa. Later on the focus gradually shifted towards the so called “PIGS” countries. But the hidden reality behind the mainstream narrative is this: at present almost all countries of the world are kept in odious debt by the global financial oligarchy  – which fact is proof that the issue at hand is not about efficient / strong economies against weak/non-efficient ones; it is a global-scale ongoing fraud committed by the international financial oligarchy with the aim to transfer the whole planet into their private ownership. Of this process their “achievement” of annexing Greece is merely the tip of the iceberg. 
With special regard to the tragedy of Greece, of a country which we from now in may refer to as “Palestine of Europe”, a final note. From the facts and implications analysed in former post  it is evident: it is not Greece – or any of the other affected countries who supposedly “owe” € billions, or even trillions, to Troika – it is the way around. The ongoing financial CRIME of unprecedented scope and magnitude  analysed in this and previous post , should be investigated, ended and prevented with utmost urgency, which however requires reinstating the democratic rule of law in all affected countries. The citizens of Greece – and of all countries subjected to this financial crime – should be compensated for the astronomical financial, economic and defamatory damages they suffered and still suffer.
The REAL story behind the Greek Crisis: how we are kept in Odious Debt, Deficit, Crisis and Austerity
A historical fact buried by the mass media: the EU has been USE since the end of 2007
 The Legal Basis to Reject Odious Debt
 How to break free from the Debt-trap – explained by distinguished economics professor “Peoples of countries indebted without their consent should refuse to repay Odious Debts” – like Iceland did:
‘We chose democracy & human rights over banks’ – Iceland president to RT
 The REAL story behind the Greek Crisis: how we are kept in Odious Debt, Deficit, Crisis and Austerity
 Bank of England: “Money creation in the modern economy”
 How money is created and destroyed in the Eurozone monetary system:
 Guardian: “The truth is out: money is just an IOU, and the banks are rolling in it”
 Crisis versus Recovery flowcharts – Neoliberal Austerity-policy vs Social Democratic economic policy
 Guardian: “Austerity in Greece caused more than 500 male suicides, say researchers”
 The Genocidal Global Politics and Neoliberalism
 The Financial Attack on Greece: Where Do We Go From Here?
 The Trail of the Troika (HD 720p) | A must-see to understand the situation in Greece
 List of National Debt by Country
 The phony transactions underlying Government Loans: